The Footwear with Uppers of Leather market in India has witnessed a varied trajectory from 2013 to 2023. Initially, the market experienced significant growth between 2013 and 2015 with a high year-on-year variation percentage, but then saw a contraction phase from 2017 through 2020, likely attributed to economic downturns and global disruptions. A recovery phase followed, with gradual increases from 2021 through 2023. As of 2023, the market size stood at $4.2716 billion.
Key insights highlight:
• Early growth phase from 2013-2015 with high year-on-year growth rates. • A notable decline phase from 2017-2020, particularly influenced by the 2020 economic slump. • A recovery and stabilization phase from 2021 onwards, with a steady year-on-year increase.
Future trends note a forecasted average annual growth rate (CAGR) of 1.6% through 2028, with an overall growth rate of 8.27% over the five years. Market dynamics will likely be influenced by consumer preference shifts, regulatory changes, and broader economic trends, necessitating close monitoring of these factors for strategic adjustments.
